|
Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
P.T. AGUNG
SEJAHTERA SIDORAHARJATEX |
|
|
|
|
Registered Office : |
Jalan Raya Palur Km. 9,1 Desa Jetis
Jaten Karanganyar, Central Java |
|
|
|
|
Country : |
Indonesia |
|
|
|
|
Date of Incorporation : |
31.01.1990 |
|
|
|
|
Com. Reg. No.: |
No. AHU-16537.HT.01.02.Tahun 20111 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Textile Industry |
|
|
|
|
No. of Employees : |
480 persons |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Indonesia |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Indonesia - ECONOMIC OVERVIEW
Indonesia, a vast polyglot nation, grew an estimated 6.1% and 6.4% in 2010 and 2011, respectively. The government made economic advances under the first administration of President YUDHOYONO (2004-09), introducing significant reforms in the financial sector, including tax and customs reforms, the use of Treasury bills, and capital market development and supervision. During the global financial crisis, Indonesia outperformed its regional neighbors and joined China and India as the only G20 members posting growth in 2009. The government has promoted fiscally conservative policies, resulting in a debt-to-GDP ratio of less than 25%, a small current account surplus, a fiscal deficit below 2%, and historically low rates of inflation. Fitch and Moody's upgraded Indonesia's credit rating to investment grade in December 2011. Indonesia still struggles with poverty and unemployment, inadequate infrastructure, corruption, a complex regulatory environment, and unequal resource distribution among regions. The government in 2012 faces the ongoing challenge of improving Indonesia's insufficient infrastructure to remove impediments to economic growth, labor unrest over wages, and reducing its fuel subsidy program in the face of rising oil prices.
|
Source : CIA |
P.T. AGUNG SEJAHTERA SIDORAHARJATEX
Head Office &
Factory
Jalan Raya Palur Km. 9,1
Desa Jetis Jaten
Karanganyar, Central Java
Indonesia
Phones - (62-271) 821800, 826655,
821716
Fax - (62-271) 825405
Land Area - 20 hectares
Building Area - 12 hectares
Region - Industrial
Zone
Status - Owned
Date of
Incorporation :
31 January 1990
Legal Form :
P.T. (Perseroan Terbatas) or Limited Liability Company
Company Reg. No. :
The Ministry of
Law and Human Rights
a. No. C2-332.HT.01.01.TH.91
Dated 28
January 1991
b. No. C2-28804.HT.01.04.TH.1998
Dated 23
December 1998
c. No. AHU-42119.AH.01.02.Tahun
2008
Dated 17 July 2008
d. No. AHU-16537.HT.01.02.Tahun 20111
Dated 31
March 2011
Company Status :
Domestic Investment Company (PMDN)
Permit by the Government Department :
a. The Department of Finance
NPWP No.
01.515.292.9-526.000
b. The Capital Investment Coordinating Board
No.
179/I/PMDN/1990
Dated 27
February 1990
Related Companies
:
a. P.T. AGUNG WISATEX (Textile Industry)
b. P.T. AGUNG KUNCOROTEX (Textile Industry)
Capital Structure :
Authorized Capital - Rp.
180,000,000,000.-
Issued Capital -
Rp. 95,000,000,000.-
Paid up Capital -
Rp. 95,000,000,000.-
Shareholders/Owners :
a. Mr. Wiryawan
Arya, SE - Rp. 51,300,000,000.- (54%)
Address : Jl. Jembangan RT.01/09,
Karanganyar, Central Java
Indonesia
b. Mr. Drs. Santosa Arya, Ak - Rp. 38,000,000,000.- (40%)
Address : Jl. Dr. Sutomo No. 9B
Surakarta, Central Java
Indonesia
c. Mr. Kuncoro Arya -
Rp. 5,700,000,000.- ( 6%)
Address : Jl. Martadinata No. 126
Surakarta, Central Java
Indonesia
Lines of Business :
Textile Industry
Production Capacity :
a. Weaving Yarn - 25,000
bales p.a.
b. Grey Fabrics - 46.0 million
meters p.a.
Total Investment :
a. Owned Capital -
Rp. 95.0 billion
b. Loan Capital - Rp. 30.0 billion
c. Total Investment - Rp.
125.0 billion
Started Operation :
1999
Brand Name :
Agung Sejahteratex
Technical Assistance :
None
Number of Employee :
480 persons
Marketing Area :
Local - 100%
Main Customers :
Textile and Garment Industries
Market Situation :
Very Competitive
Main Competitors :
a. PT. Fuji Palapa Textile
b. PT. Sri Rejeki Isman
c. PT. Gunawantex
d. PT. Trisulatex
e. PT. Sinar Padasuka Textile
f. PT. Badjatex, etc.
Business Trend :
Declining
Bankers :
a. P.T. Bank CENTRAL ASIA Tbk.
Karanganyar Branch
Surakarta, Central Java
Indonesia
b. P.T. Bank RAKYAT INDONESIA Tbk.
Karanganyar Branch
Surakarta, Central Java
Indonesia
Auditor :
Internal Auditor
Litigation :
No litigation record in our database
Total Sales/Income (estimated) :
2009 – Rp. 460.0 billion
2010 – Rp. 430.0 billion
2011 – Rp. 410.0 billion
2012 – Rp. 380.0 billion
Net Profit (estimated) :
2009 – Rp. 20.3 billion
2010 – Rp. 19.0 billion
2011 – Rp. 18.2 billion
2012 – Rp. 16.8 billion
Payment Manner :
Average
Financial Comments :
Satisfactory
Board of Management :
President Director - Mr. Wiryawan Arya, SE
Director - Mr. Drs. Santosa Arya, Ak.
Board of Commissioners :
Commissioner - Mr. Kuncoro Arya
Signatories :
President Director (Mr.
Wiryawan Arya, SE) or Director (Mr. Drs. Santosa Arya, Ak) which must be
approved by Board of Commissioner (Mr. Kuncoro Arya)
Management Capability :
G o o d
Business Morality :
G o o d
Credit Risk :
Average
Credit Recommendation :
Credit should be proceeded with monitor
Proposed Credit Limit :
Small amount – periodical review
P.T. AGUNG SEJAHTERA SIDORAHARDJATEX (P.T. ASS) was established in Karanganyar
(Central Java) based Notarial Deed of Ruth K., SH., No. 75 dated January 13,
1990 with an authorized capital of Rp. 38,000,000,000.- of which Rp.
10,000,000,000.- was issued and fully paid up.
The founding shareholders of the company are Mr. Kuncoro Arya and his
sons Mr. Wiryawan Arya and Mr. Drs. Santosa Arya. They are Indonesian family
business entrepreneurs of Chinese extraction.
The Articles of association has been approved by the Minister of Justice
through Decision Letter No. C2-332.HT.01.01.TH.1991 dated January 28,
1991. The Company’s article of
association has been amended for several times.
In June 2008 the authorized capital was raised to Rp. 120,000,000,000.-
of which Rp. 60,000,000,000.- was issued and fully paid up. The shareholders of the company are Mr.
Wiryawan Arya (54%), his younger brother Mr. Drs. Santosa Arya, Ak (40%) and
his father Mr. Kuncoro Arya (6%). The
amendment to Articles of association has been approved by the Minister of Law
and Human Rights through Decision Letter No. AHU-42119.AH.01.02.Tahun 2008
dated July 17, 2008.
Most recently by notarial deed of Ninoek Poernomo, SH., No. 82 dated
December 28, 2011 the authorized capital was raised again to Rp.
180,000,000,000.- of which Rp. 95,000,000,000.- was issued and fully paid
up. But, no changes have been effected
in term of its shareholding composition and capital structures to date. The amendment to Articles of association has
been approved by the Minister of Law and Human Rights through Decision Letter
No. AHU-16537.AH.01.02.Tahun 2011 dated March 31, 2011.
P.T. ASS obtained a Domestic Capital Investment (PMDN) facility issued
by the Capital Investment Coordinating Board (BKPM) in 1990 to deal with
textile industry. Its plant is located at Jalan Raya Solo Sragen Km. 9,1, Desa
Jetis Jaten, Karanganyar, Solo, Central Java on a land of 20 hectares.
According to its license, P.T. ASS has annual production capacity of 15,000
bales of weaving yarns and 24 million of grey fabrics with an investment of Rp.
34.7 billion comprising own capital of Rp. 10.0 billion and the rest from
loans. In 1991, P.T. ASS started to
operate commercially by keeping on adding machinery and other equipments of the
plant. The operation of the company has
kept on growing and expanding its business. P.T. ASS now has a production capacity of 25,000 bales of weaving yarns
and 46 million meters of grey fabrics per year.
Beside that, P.T. ASS
changed its project plan in which the initial investment of Rp. 37.7 billion in
1990 was raised to Rp. 125.0 billion at present, which coming from own capital
of Rp. 95 billion and the rest from loans.
P.T. ASS now has a production
capacity of 25,000 bales of weaving yarns and 46 million meters of grey fabrics
per year. Current production of P.T. ASSS consist of
90% grey fabrics for domestic market and 10% weaving for export market,
including Colombo, Abu Dhabi, Dubai, Vietnam, Bangladesh, etc. We
observed that P.T. ASS is classified as a medium-sized company of its kind in
the country of which the operation has been declining in the last three years.
Generally the demand for textile and textile products including
polyester textured yarn, finished fabrics, garment, textile chemicals and raw
materials has been fluctuating in the last five years. According to the Central Bureau of Statistics
(BPS) the Indonesian garments export in 2005 amounted to 369,500 tons (US$
4,967.0 million) to 399,600 tons (US$ 5,608.1 million) in 2006, to 399,800 tons
(US$ 5,712.9 million) in 2007 to 417,600 tons (US$ 6,092.2 million) in 2008
declined to 393,400 tons (US$ 5,735.6 million) in 2009 and rose again to
445,200 tons (US$ 6,598.0 million) in 2010 and to 450,900 tons (US$ 7,801.5
million) in 2011.
The Indonesia textile products export in 2005 amounted to 1,427.3 tons (US$
3,704.0 million) to 1,477.800 tons (US$ 3,908.6 million) in 2006 to 1,473.6
tons (US$ 4,178.0 million) in 2007 declined to 1,312,200 tons (US$ 4,127.9
million) in 2008 to 1,369,600 tons (US$ 3,602.8 million) in 2009 to 1,525,900
tons (US$ 4,721.8 million) in 2010 and declined to 1,493,3000 tons (US$ 5,563.3
million) in 2011. The export volume and
value of the national TPT products in 2005 to 31 March 2012 are pictured on the
following table.
|
Year |
Garment |
Textile Products |
||
|
(Thousand Ton) |
(US$ Million) |
(Thousand Ton) |
(US$ Million) |
|
|
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012* |
333.1 339.9 327.3 369.5 399.6 399.8 417.6 393.4 445.2 450.9 111.7 |
3,887.2 4,037.9 4,351.9 4,967.0 5,608.1 5,712.9 6,092.2 5,735.6 6,598.0 7,801.5 1,873.3 |
1,425.9 1,307.5 1,300.4 1,427.3 1,477.8 1,473.6 1,312.2 1,369.6 1,525.9 1,493.3 375.7 |
3,075.9 3,064.6 3,354.6 3,704.0 3,908.6 4,178.0 4,127.9 3,602.8 4,721.8 5,563.3 1,318.1 |
Source: Central Bureau of Statistic *) January to March 2012
Until this time P.T. ASS has not
been registered with Indonesian Stock Exchange, so that they shall not obliged
to announce their financial statement. Therefore, the company has no obligation
to publish financial statement publicly.
P.T. ASS’s management is very reclusive to outsider and rejecting to
disclose its financial condition but we estimated the total sales turnover of
the company in 2010 amounted to Rp. 430.0 billion declined to Rp. 410.0 billion
in 2011 and dropped again to Rp. 380.0 billion in 2012. Its estimated that the operation in 2012
yielded a net profit at Rp. 16.8 billion and the company has a total asset of
Rp. 120.0 billion. We observe that P.T.
ASS is supported by financially strong behind it. So far, we did not hear that the company
having been black listed by the Central Bank (Bank Indonesia).
P.T. ASS's management is headed by Mr. Wiryawan Arya AKA Winyawan Arya,
SE (52) as president director, a businessman with more than 20 years of
experience in textile industry and trading.
In daily activities, he is assisted by his younger brother Mr. Drs.
Santosa Arya, Ak (47) as director. They
have wide relations with many local companies operating in the textile and
garment manufacturing. So far, we did
not hear that the company’s management involved in the business malpractices or
detrimental cases that settled in the country. The company’s litigation record
is clean and it has not registered with the black list of Bank of Indonesia.
Considering the operation of P.T. ASS declined in the last three years
and economic condition in the country is still unstable, we recommend to treat
prudently in extending any new loan to the company.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.